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HomeMy WebLinkAbout1969-11-10 17-X ORDER11-x Introduced by Councilor Minsky, Nov. 10, 1969 ;p CITY OF BANGOR MTLE.) 1C1rbCrs. _. APP ovine Proposed ConFract for, Sale of Lana, to the Stillwater Park Urban Renewal Proiect - Parcel No . By the City (RAMMAl of the City of Debate. ORDERED, THAT WTEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel numbered 193 In the Stillwater Park Urban Renewal Project with Eremite & Valley, Incorporated , and WHRREAS, the said Eremite & Valley, Incorporated hes offered to pay the am of Seven Hundred and 66/100 Dollars ($700.00) for said parcel said price being the minimm approved price for said parte: established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and WHEREAS under the provisions of Chapter 160 of the Private and Special Law of Maine, L95I, as extended. City Council approval of all contracts for the sale of land within the project area to required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Eremite & Valley, Inc in the office of the City Clark; HOW, TBEREPDRE, BE IT SEEMS; TINT the proposed contract on file with the City Clerk be AM is hereby approved. 17-X _WFD 1H9 40-9 F 4142 OR0ER CI1'f CI n C'S OFFICE ride, IN CITY COONCIL Nov. 10, 1969 PASSED ContlaCt for sale of Land in Stillwater ...................................... P ik VAR. P.�ojeCt - Pazcel No. 193 .................. In duct end filed by ...••• 7cilm tp STILLWATER PARR PROJECT PRWEM NO. ME. R-4 PeRT I CONTUCT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCE) By and between Dxheu Reneu l Authotit• cf the Cq of B aad PA T L CONTIMS Sectiw Page 1. Sale: Purrhose Price 2. Conveyance of Property 3. Good Faith Deposit 3 4. Time for Co®encereent and Comletiom of improvements s S. Time for Certain Other Actions n 6. Period of Duration of Coverer_ on Use r ]. Notiees and Domande a 6. Special Provisions s 9. Modifications of Part II 3 LD. Counterparts comma POR SALE UP LAND PDR PRIVATE REDEVELOPHMENT AGREEMENT, consisting of this Part I and Part 11 (Form H -6209B, 1-64) annexed hereto and made s part hereof (which Pert I and Part IE are together hereinafter tailed "Agreement'), made on or an of the 30th day of October , 1964 by and between the Urban Renewal Authority of the City of Bangor, a public body corporate (which, together with any a= - cannot public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"), established pursuant to Chapter 168 of the Private and Special Laws of the State of Maine, 1957, as amended (hereinafter called "Urban Renewal Act") and having its office at City Bell in the City of Bangor (hereinafter called "City"), State of Maine, and the Eremita 6 Valley IDwrpoxate3a corporation organised and existing under the laws of the state of Maine hereinafter called "Redeveloper") and having an office for the transaction of business at 39-43 Broadlawn Drive in the City of Brewer County of Penobscot and State of Maine WITNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or r re- habilitation of alum and blighted areas in the City, and in this connection is engaged in carrying out an urban removal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called "Project") In an area (here- inafter called "Project Area") located in the City: and WHEREAS, the Agency has offered to sell and the Redeveloper is willing to Purchase certain real property located in the Project Area and more partic- ularly described in Schedule A annexed hereto and made a part hereof (which property as so described is hereinafter tailed 'Property") and to redevelop the Property for and is accordance with the a specified is the Declaration Of Restrictions recorded in Penobscot Registry of Deeds, Book 2113, Page 835 and in accordance with the agreement; and WHEREAS, the Agency believes that the redevelopment of the Property put. event to the Agreement, and the fulfillment generally of the Agreement, are in the vital and beat interests of the City and the health, safety, morals, and -1- welfare of its residents, and in accord with the public purposes and provisions of the applicable Federal, state, and local laws and requirements under which the Project has been undertaken and is being assisted: NOW, THEREFORE, in consideration of the promises and the mutual oblige- cione of the panties hereto, each of them does hereby covenant and agree with the other as follows: SBC. 1. SUjE: PURCHASE PRICE. Subject to all the targe, covenants, and conditions of the Agreement, the Agency will sell the Property to the Redeveloper for, and the Redeveloper will purchase the Property from the Agency and pay therefor, the amount of Seven Hundred and 00/100 Dollars ($ '100.00 ), het£fatm!i'ca{Fed 'Rurchaee Price", to be paid In cash or by certified check simultaneously with the delivery of the deed conveying the Property to the Redeveloper. SEC. 2. CONVDYANCE OF PROPERTY. (a) Tom of Feed. The Agency shall convey to the Redeveloper title to the Property by Warranty Deed (hereinafter called "Deed"). Such conveyance and title shall, in addition to the condition subsequent provided for in Section 706 hereof, and to all other conditions, covenants, and restrictions set forth or referred to elsewhere in the Agreement, be subject to the terms, if any, set forth on said Schedule A, attached hereto. (b) Time and Place for Delivery of Deed. The Agency ahalL deliver the Geed and possession of the Property to Me Redeveloper o 19 ma osuch earlier date as the parties hereto y mutually agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such conveyance and pay to the Agency at such time and place the Purchase Price. (c) ARportiormant of Current Tama. The portion of the current taxes, if any, on the Property which are a lien on the date of delivery of the Deed to the Redeveloper allocable to buildings and other fmprovementy which have been demolished or removed from the Property by the Agency shall be borne by the Agency, and the portion of such current taxes alterable to the land shall be apportioned between the Agency and the Redeveloper as of the date of the delivery of the Dead. If the amount of the current taxes on the Property is not ascertainable on such dace, the apportionment between the Agency and the Redeveloper shall be on the basis of the amount of the moat recently a - taioable taxes on the Property, but such apportionment shall be subject to final adjustment within thirty (30) days after the date the actual amount of such current taxes is ascertained. (d) Recordation of Deed. The Redeveloper shall promptly file the Died for recordation in the Penobscot Registry of Deads at ganger, Maine. The Redeveloper shell pay all costa (including the cost of the Federal documentary stamp tax on the Deed, for which stamps in the proper: amount shall be affixed to the peed by the Redeveloper) for so recording the Deed. -2. (e) Further Obligations of the Agency and the Redeveloper. See schedule A. SM. 3. DOW FAITH DEPOSIT. (a) Amount. The Redeveloper ban, prim to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith deposit0 o of cash certified check satisfactory to the Agency in the amount of Thirty -Five and_____________________d "Dep Dollars for L, hereinafter calved per to a security far the ;the rmaroe of the obligation he the Redeveloper to be performed prior en the return of cM1e Deposit to the application o or its retention by the Purchase as liquidated c semday b or n a cordance with on Aunt me the Deposita Price, as the ca may check, to accordance dap with cin an account The DepoAgency i if cath or rust cod check, shell be deposited in an account of the Agency in a bank or tenet company Selected by it. (b) Interest. The Agency shall be under no obligation to pay o earn interest an the Deposit, but If interest In payable thereon such interest when received by the Agency shall be promptly paid to the Redeverloper. (c) Application to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, made in cash or by certified check, shall be applied on account of the Purchase Price at the time payment of the Purchase Price is made (d) Retention by Agency. Upon termination of the Agreement as provided in Section 703 hereof, the iOnposit, if cash, or bonds or aimtlar obligations of the United States, including all interest payable thereon after such vermination, or, if a surety bold, Che proceeds thereof, shall be retained by the Agency as provided in Section 703 hereof. (e) Return to Redeveloper, Upon termination of the Agreement a provided in Section 702 hereof, the Deposit shall be returned to the Redeveloper by the Agency as provided in Section 702 hereof. If the Agreement shell not have been terminated an in Section 702 or 703 hereof provided, the Agency shell return the Deposit to the Redeveloper upon receipt by the Agency of the following: (L) A copy of the commitment Or commitments obtained by the Redeveloper for the mortgage Loan or loans to assist in financing the construction of the Improvements (as defined in Section 301 hereof), certified by the RedeveLoper to be a true and correct copy or copies thereof; (11).rvidence -satisfactory to the Agency that the interim mortgage loan to assist in financing the construction of the Improvements has been initially closed; (111) A copy of the contract between the Redeveloper and the general contractor for the construction of the Improvements, certified by the Redeveloper to be a true and correct copy thereof; add (iv) A copy of the contract bond provided by the general contractor in connection with the aforesaid construction contract which -3- bond shall be in a penal am equal to not less than ten percent (30%) of the contract price under said construction ontract, certified by the Redeveloper co be a true and correct copy thereof. SEC. 4.. I= FOR CWRffiNCEMCNt Atm CQAPLETION OF IMPROVESENTS. The construction of the Improvements referred to in Section 301 hereof shall be commenced in any event within six (6) months after the date of the Deed, and, except as otherwise provld ed in the Agreement, shall be Completed within eighteen (18) months after such Used date. SEC. S. TIM POR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plans. The time within which the RadeveLoper shall submit its 'Construction Plane' (as defined in Section 301 hereof) to the Agency In any event, pursuant to Section 301 hereof, shall be no later than one hundred twenty (120) days from the date of this Agreement. (b) Time for Submission Of Corrected Construction Plans. Except as provided In Paragraph (C) Of this Section 5, the time within which the Redeveloper shall submit any new or correct" Construction Plans as provided for in Section 301 hereof shall be not later than sixty (60) days after the date the Redeveloper receives written notice from the Agency of the Agency's rejection of the Construction Plane referred to in the latest such notice. (c) Maximum Time for Approved Construction Plana. In any event, the time within which the Redeveloper shall submit Construction Plana which conform to the requirements of Section 301 hereof and are approved by the Agency shall be not later than ninety (90) days after the date . the Redeveloper receives written notice From the Agency of the Agency's first rejection of the original Construction Plans submitted to it by the Redeveloper. (d) Time for Agency Action on Change in Construction Plans. The time within which the Agency may reject any change in the Conatruction Plans, a provided In Rection 302 hereat, shall be forty-five (45) days after the date of the Agency's receipt Of notice of such change. (e) Time for Submission of Evidence of Equity Capital and Mortgage Financing. The time within which the Redeveloper shall submit t0 the Agency, in any event, evidence as to equity capital and any commitment necessary for mortgage financing, as provided in Section 303 hereof, shall be not later than ( ) days after the date of written notice t0 the Redeveloper of approval of the Construction Plans by the Agency or, If the Construction Plans shall be deemed to have been approved as provided in Section 301 hereof, after the expiration of thirty (30) days following the date of receipt by the Agency of the Construction Plans so deemed approved. SEC. 6. PERIOD OF OUMTION OF COVENANT ON USE. The covenant pertaining to the sees of the Property, set forth in Section 40L hereof, shall remain in effect from the date of the Card until January 22, 2022, the period specified or referred to in the Declaration of Restrictions or until such date thereafter to which it may be extended by proper amendment of the Declaration of Restrictions, on which date, as the case may be, such covenant shall terminate. SEC. I. NOTICES AND DEMANDS. A notice, demand, or other communication under the Agreement by either party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (1) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at 39-43 Broadlawn Drive Brewer. Maine , and ({1) in the C of the Agency, is addressed to or delivered personally to the Agency at City Nall, Danger, Maine or at such other address with respect to either path party as that party may, from time to time, designate in Pricing and forward to the other as provided in this Section. SEC. 8. SPECIAL PROVISIMS This conveyance is subject to all the terms and conditions of the Declaration of Restrictions for the St-llwater Park Project, Me. R-4, recorded in Penobscot Registry Of Deeds, Vol. 24, Pages 1-9 SEC. 9. MODIFICATION OF PART II. The fallowing amendments and modifications are hereby made in the terms, covenants, and conditions forming Part II hereof - SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shall constitute one and the sees instrument. IN WITNESS WEEREOP, the Agency has caused the Agreement to be duly executed in its name and behalf by its Executive DirectOr and its seat to be hereunto duly affixed and attested by its Executive Director and the -5- Redeveloper has caused the Agreement to be duly executed in its nerve and behalf by Its President and its corporate seat to be hereunto duly affixed and attested by its Secretary, on or as of the day first above written, pp —,�(Redemelep/e�r) U Attest: In City Council Council Order No. Jate Attest: AtteeL (secretary) A True Copy, Attest: -6- (Agency) SCHEDULE A Description of Property All that certain parcel or parcels of lend Located in the City of Bangor, County of Penobscot, State of Ma Los, more particularly described as follows: Stillwater Park Project, Me. R-4 Parcel No. 193 Subject to the following covenants, restrictions and easements: (if none, Be state) Subject to telephone easements at rear of aoperty further obligations of the Agency and the Redeveloper: